topic Re: IN NFCU PLATINUM HELL in Credit Card Applications

IN NFCU PLATINUM HELL

Anonymous — Mon, 21 Sep 2020 21:42:19 GMT

Hello folks,

been away from the forum for a while, but I'm back with a question. I joined NFCU back in Jan '19. The same day I joined I applied for a Platinum Visa & was given a $1K limit @ 12.99% APR. I've raised my credit score about 100 pts since then, and in Aug '19 I was approved for the More Rewards card with a $25K limit @Anonymous.99% APR.

Now I have been denied twice for a CLI on the Platinum, even though it is always paid off to zero every month. Today I thought I'd ask if I could get the APR lowered since it is higher than my More Rewards APR, but I was told that the system said that was the best rate they could offer.

How do I get out of this $1K, high APR plateau? I'm almost thinking it would be easier to apply for another card, close the Platinum, then re-apply later for a new Platinum! Thoughts?

Re: IN NFCU PLATINUM HELL

AllZero — Mon, 21 Sep 2020 22:03:15 GMT

Maybe, apply for your 3rd card. Make it a Platinum (2nd Platinum). Perhaps, you'll get a decent starting limit on it. If yes, then perhaps re-allocate that 1st card limit and close the 1st $1,000 Platinum?

You can also product change too.

You have a lot of options to play with.

Re: IN NFCU PLATINUM HELL

OmarGB9 — Mon, 21 Sep 2020 23:29:08 GMT

@AllZeroalready mentioned it, but you could app for a 3rd card (dunno if it can be a 2nd Platinum though...), but even if it's a different card, like a cashRewards, if approved you can always PC it to a Plat and/or try asking for rate reduction on it later down the road.

Re: IN NFCU PLATINUM HELL

Rpgough0311 — Mon, 21 Sep 2020 23:43:17 GMT

Just out of curiosity, is there any reason you want more on the platinum aside from just having the higher limit/lower utilization?

I applied for the More Rewards about 3 weeks ago and got 23k at 9.65% then called the next day for a rate reduction on my platinum since I thought the same thing...doesn't make sense the platinum hada higher rate of 10.99. So they instantly came back with 5.99 (20,800 CL btw). I hardly use it since I have the More Rewards, but I still didn't think that made sense.

Re: IN NFCU PLATINUM HELL

Anonymous — Mon, 21 Sep 2020 23:55:16 GMT

@Rpgough0311 wrote:
Just out of curiosity, is there any reason you want more on the platinum aside from just having the higher limit/lower utilization?
I applied for the More Rewards about 3 weeks ago and got 23k at 9.65% then called the next day for a rate reduction on my platinum since I thought the same thing...doesn't make sense the platinum hada higher rate of 10.99. So they instantly came back with 5.99 (20,800 CL btw). I hardly use it since I have the More Rewards, but I still didn't think that made sense.

I don't have another Visa card at the moment (everything is Amex, Disco or MC), & I would rather have a limit higher than $1K. Costco only takes Visa & the Platinum has a better APR than the Costco Visa...

Re: IN NFCU PLATINUM HELL

Duke_Nukem — Mon, 21 Sep 2020 23:53:54 GMT

If you don't want to app for card #3 and you need the extra room on the Plat, you could send NFCU a SM and ask to reallocate some of your MR CL to the Plat.

Re: IN NFCU PLATINUM HELL

blindambition — Mon, 21 Sep 2020 23:55:44 GMT

@Rpgough0311 wrote:
Just out of curiosity, is there any reason you want more on the platinum aside from just having the higher limit/lower utilization?
I applied for the More Rewards about 3 weeks ago and got 23k at 9.65% then called the next day for a rate reduction on my platinum since I thought the same thing...doesn't make sense the platinum hada higher rate of 10.99. So they instantly came back with 5.99 (20,800 CL btw). I hardly use it since I have the More Rewards, but I still didn't think that made sense.

It's good to have higher limit and lower APR not for just utilization, but for emergencies and BT.

Re: IN NFCU PLATINUM HELL

Anonymous — Tue, 22 Sep 2020 01:48:43 GMT

@Duke_Nukem wrote:
If you don't want to app for card #3 and you need the extra room on the Plat, you could send NFCU a SM and ask to reallocate some of your MR CL to the Plat.

If that's done though, neither card will be eligible for a CLI for 6 months.

If it were me, I would just app the cashRewards as a VISA Signature and get the 1.5% cash back at Costco.

Re: IN NFCU PLATINUM HELL

Anonymous — Tue, 22 Sep 2020 01:56:49 GMT

If it were me, I would just app the cashRewards as a VISA Signature and get the 1.5% cash back at Costco.

The thing I can't understand is why I can't even get a better APR when I have 21 months of perfect history with the card, always paying it off. It's like I'm bucketed in a Capital One account with NFCU wrapped on the outside. It makes me Leary of wanting to apply for another card...

Re: IN NFCU PLATINUM HELL

Anonymous — Tue, 22 Sep 2020 02:01:33 GMT

@Anonymous wrote:
If it were me, I would just app the cashRewards as a VISA Signature and get the 1.5% cash back at Costco.
The thing I can't understand is why I can't even get a better APR when I have 21 months of perfect history with the card, always paying it off. It's like I'm bucketed in a Capital One account with NFCU wrapped on the outside. It makes me Leary of wanting to apply for another card...

First card can be slow to grow and CLIs and APRs go by EQ FICO 9. They are not sticklers about score for approvals but for APR reductions and CLIs, they definitely like to see higher scores. They're not really different from most creditors there.

Re: IN NFCU PLATINUM HELL

AllZero — Tue, 22 Sep 2020 02:32:09 GMT

Another option if you are trying to keep your spade, would be to request a $4,000 CLI on your More Rewards. If approved, perhaps move the desired credit line to the Platinum?

Re: IN NFCU PLATINUM HELL

Brian_Earl_Spilner — Tue, 22 Sep 2020 02:13:43 GMT

I was in a similar position. It took about 21 months before I got my first increase for my cash rewards. My second card was approved about that time also for around $3k. 91/3 and it's at 6800 now. Was just denied another increase on cash rewards, but it was because of that $500 increase they gave everyone. Gonna try again in a couple of months to see what happens

Re: IN NFCU PLATINUM HELL

M_Smart007 — Tue, 22 Sep 2020 15:08:29 GMT

@AllZero wrote:
Another option if you are trying to keep your spade, would be to request a $4,000 CLI on your More Rewards. If approved, perhaps move the desired credit line to the Platinum?

+1 .. I agree with @AllZero

Re: IN NFCU PLATINUM HELL

M_Smart007 — Tue, 22 Sep 2020 15:10:23 GMT

@Anonymous, For now I would re-allocate what CL is needed to your Platinum from your MoreRewards.

Re: IN NFCU PLATINUM HELL

BmoreBull — Tue, 22 Sep 2020 16:11:53 GMT

@Brian_Earl_Spilner wrote:
I was in a similar position. It took about 21 months before I got my first increase for my cash rewards. My second card was approved about that time also for around $3k. 91/3 and it's at 6800 now. Was just denied another increase on cash rewards, but it was because of that $500 increase they gave everyone. Gonna try again in a couple of months to see what happens

What $500 increase that they gave everyone? When was this?

Re: IN NFCU PLATINUM HELL

Anonymous — Wed, 23 Sep 2020 14:55:13 GMT

@BmoreBull wrote:
@Brian_Earl_Spilner wrote:
I was in a similar position. It took about 21 months before I got my first increase for my cash rewards. My second card was approved about that time also for around $3k. 91/3 and it's at 6800 now. Was just denied another increase on cash rewards, but it was because of that $500 increase they gave everyone. Gonna try again in a couple of months to see what happens
What $500 increase that they gave everyone? When was this?

I didn't get any $500 increase on any of my cards! 😞☹️

Re: IN NFCU PLATINUM HELL

coldfusion — Wed, 23 Sep 2020 14:59:34 GMT

@Anonymous wrote:
@BmoreBull wrote:
@Brian_Earl_Spilner wrote:
I was in a similar position. It took about 21 months before I got my first increase for my cash rewards. My second card was approved about that time also for around $3k. 91/3 and it's at 6800 now. Was just denied another increase on cash rewards, but it was because of that $500 increase they gave everyone. Gonna try again in a couple of months to see what happens
What $500 increase that they gave everyone? When was this?
I didn't get any $500 increase on any of my cards! 😞☹️

Maybe @Brian_Earl_Spilner can reply and add context to eliminate the confusion.

Re: IN NFCU PLATINUM HELL

Brian_Earl_Spilner — Wed, 23 Sep 2020 15:06:29 GMT

Navy was giving $500 increases because of the pandemic. My wife got one also.